EURUSD Downward Channel April 22, 2017 , Saturday
Observation:
Price moves on a downward channel.
Significant Support level (Purple Dotted Line) was last tested since Aug-Sep 2003 (almost 14years!)
and was currently testing it (Mar-Apr & Nov-Dec 2015), and now price Stop at this level.
Price is still near the all time low level.
Candlestick forms a bullish Pinbar as a sign of reversal.
Price movement has the same slope as previous movements.
Analysis:
If price breaks the Dynamic Resistance of the Downward Channel, we have a strong uptrend, then go for long.
If the price retrace at the Dynamic Resistance of the Downward Channel, expect price to play along the channel.
Price could either retrace at the dynamic resistance made at the body of the candlestick or until at the wick of the candlestick.
French Election is near so expect a high price volatility.
Conclusion:
For aggressive trader, short. For more conservative trader, better wait for next week to trade.
Strategy:
Use Significant Support Level Area as Pivot Point.
Use Support and Resistance level as Take Profit and Stop Loss.
Use previous slope for price movement action.
Price moves on a downward channel.
Significant Support level (Purple Dotted Line) was last tested since Aug-Sep 2003 (almost 14years!)
and was currently testing it (Mar-Apr & Nov-Dec 2015), and now price Stop at this level.
Price is still near the all time low level.
Candlestick forms a bullish Pinbar as a sign of reversal.
Price movement has the same slope as previous movements.
Analysis:
If price breaks the Dynamic Resistance of the Downward Channel, we have a strong uptrend, then go for long.
If the price retrace at the Dynamic Resistance of the Downward Channel, expect price to play along the channel.
Price could either retrace at the dynamic resistance made at the body of the candlestick or until at the wick of the candlestick.
French Election is near so expect a high price volatility.
Conclusion:
For aggressive trader, short. For more conservative trader, better wait for next week to trade.
Strategy:
Use Significant Support Level Area as Pivot Point.
Use Support and Resistance level as Take Profit and Stop Loss.
Use previous slope for price movement action.
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